Sidharth Satpathy, Vice President of Swiggy Instamart, Resigns from Position
- ByStartupStory | January 9, 2024
Sidharth Satpathy, previously the Vice President at Swiggy Instamart, has departed from the company, becoming the latest addition to the stream of high-level exits within the food delivery giant.
“Anirban Roy will be taking over my role in Instamart effective this week as I start my next stint – Back in CPG industry from Monday onwards,” Satpathy announced in a LinkedIn post, as he handed over responsibilities to Amazon India’s Anirban Roy.
Satpathy’s departure follows closely after the exit of Karthik Gurumurthy, the senior SVP who was instrumental in building Swiggy Instamart, having left to initiate his own venture, Convenio, according to exclusive reports from Moneycontrol.
Interestingly, Swiggy had previously onboarded Dipak Krishnamani, a former senior executive from Amazon, to head Swiggy Mall.
Reflecting on his tenure, Satpathy expressed gratitude, mentioning, “Being your partner in crime in the Instamart blitz scale journey is probably the luckiest thing to have happened to me,” in reference to Gurumurthy. He also acknowledged the pivotal role of co-founders Sriharsha Majety and Nandan Reddy.
Swiggy has undergone a series of leadership changes within the past 8 months, commencing with the departure of its CTO Dale Vaz, who departed in April 2023 to launch his wealth tech firm Aaritya Tech. Following that, Ashish Lingamneni, the Vice President responsible for brand and product marketing, left the company after nearly six years.
Moreover, exits from Nishad Kenkre, VP of revenue and growth at Instamart, and Anuj Rathi, SVP of revenue and growth at Swiggy, also contributed to this phase of leadership churn.
These transitions coincide with Swiggy’s preparations for a significant IPO this year, aiming to raise over $1 billion. Reports suggest the involvement of seven investment bankers, including Kotak Mahindra Capital, Citi, JP Morgan, Bofa Securities, and Jefferies, among others.
Invesco, a US-based asset management company, raised Swiggy’s fair value for the second consecutive time, valuing the food tech major at $8.3 billion as of October 31, 2023. Despite this increase, it marks a decrease from Swiggy’s valuation of $10.7 billion in January 2022 during a funding round led by a US-based AMC.
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